Compare Live Rates For Short Term Loans Now
(Loans from 2 – 12 months). Representative 97% APR.
allthelenders is a free to use price comparison website for payday loans and short term loans from direct lenders only. If you are interested in an alternative home collected loan, read on to find out more about what home collected loans can offer.
On this page:
A home collected loan, also known as a doorstep loan, is provided by authorised lenders in the form of a cash loan that is usually repaid weekly. A home collected loan is the same as taking out any other personal loan, but it has one major difference where the paperwork (a legally binding contract) is dealt with on a face to face basis with an authorised agent at the borrowers property.
The home collected loan repayments are given to the agent on a weekly, fortnightly or monthly basis at the borrower’s property, hence the term doorstep loan.
Yes, there are many terms used to explain home collected loans including doorstep loans and home collected credit. They all refer to the same thing whereby the loan repayments are collected from the borrower’s home by the authorised lenders representative/agent.
Yes, home collected loans (doorstep loans) have been in existence throughout the United Kingdom for over 100 years and are still a very popular and convenient type of personal loan. Home collected loans should only be considered through an FCA authorised lender and you should check this before you proceed with an application.
All lenders in the UK must be authorised by an official regulator called the Financial Conduct Authority, they are also referred to as the FCA. Before you take out a home collected loan, a doorstep loan, personal loan or any form of credit you should check to ensure that the lender is registered with the FCA. You can check a companies FCA status by looking at the FCA authorised company register that can be found here.
There are many FCA authorised home collected loan providers throughout the whole of the UK and you will find all of them online. However, you should always consider the use of a comparison site such as Lenders Compared who provide a regulated comparison service for all UK authorised home collected loan organisations.
Once you have found a lender that meets your requirement you should contact them and they will organise a time, to go through your requirement, suitability & affordability checks and the terms and conditions of a home collected loans. Once these checks and a credit check has been undertaken and the loan has been approved with the terms and conditions of the home credit loan agreed, the lender will release the money to you.
You will find some lenders will offer a loan (a line of credit) to a borrower who has bad credit. There are many factors and circumstances that lenders consider during the home collected loan application process.
Home collected loans are also known as home credit loans and doorstep loans. This type of financial product has been provided in the UK for over 100 years. They are usually for smaller loan amounts and there are many lenders providing these types of personal loans throughout the UK. You should be aware of cash loan scams so when considering a home collected loan make sure you use FCA authorised lenders and FCA registered comparison sites.